US stocks higher ahead of Trump-Xi talks, banks lead

Traders work on the floor of the New York Stock Exchange March 24, 2014. — Reuters pic
Traders work on the floor of the New York Stock Exchange March 24, 2014. — Reuters pic

NEW YORK, June 28 — shares led higher early today as investors awaited a key Group of 20 meeting between US President Donald Trump and President Xi Jinping.

Large banks including Goldman Sachs and JPMorgan Chase climbed two per cent or more after Federal Reserve stress tests cleared most of the industry to boost investor payouts.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.2 per cent at 26,574.98.

The broad-based S&P 500 advanced 0.3 per cent to 2,933.27, while the tech-rich Nasdaq Composite Index climbed 0.2 per cent to 7,980.58.

Anticipation of the G20 talks has hung over the market all week, with investors hoping Trump and Xi make progress on long-stalled negotiations on a trade deal.

Some leading market watchers think the two sides will agree to a ceasefire on new tariffs but not reach a comprehensive agreement.

US data today showed consumer softened in May, but personal incomes and spending strengthened during the period.

Among individual stocks, dropped 0.8 per cent after the tech giant announced that longtime design chief Jony Ive would step down to start his own firm.

Nike edged up 0.1 per cent after it reported a 13 per cent decline in fourth-quarter profits to US$989 million (RM4.09 billion), due in part to higher company spending on new technology investments.

The company said demand remains strong in , where sales surged 22 per cent during the quarter to US$1.7 billion. — AFP

Source: The Malay Mail Online

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